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Analysts keep their tone on bitcoin
Several analysts are puzzled by the announcement that Bitfinex and Tether may be on the ice, but some have tried to keep a cool head, focusing on techniques and trends to determine the next direction of Bitcoin (BTC ). According to a recent analysis by Murad Mahmudov, chief investment officer at Adaptive Capital, a booming cryptocurrency fund, BTC may be poised to move forward in the near future.
As shown in the chart above, Bitfinex's current buyer / buyer ratio, Relative Strength Index (RSI), as well as BitMEX's financing and premium trends are on the rise. Mahmudov considers that, when the three aforementioned trends were the same as they were in history, there was an increase in the price of Bitcoin. These upward movements were inconsistent, with some of these cases leading to only 5% gains, but a historic precedent is set to allow BTC to move forward from here. The Adaptive Capital Advisor itself did not release an explicit prediction, but it shot an arrow at $ 6,400, a level that analysts say irritated Bitcoin.
Supporting his call, Mahmudov noted that "the very essence of investment and trading lies in the intelligence and patience of society, which feed on greed, fear, the impatience, dependence and ignorance of the majority. " The majority of traders believe that the BTC is about to fall.
Mahmudov is not the only bullish analyst at the time of writing this article. According to the analysis of The Crypto Monk, a well tracked trader, the dust of the recent Tether and Bitfinex imbroglio has dissipated and, one way or another, the graphical structure Bitcoin "is always beautiful for bulls". Monk did not much motivate this point. , but the chart attached to his message indicated that BTC had maintained a key support level above $ 4,800, because that is where the 200-day moving average is.
The fundamentals also seem extremely optimistic for cryptocurrencies. As noted by analyst Alex Kruger, TD Ameritrade and E * Trade, two US-based retail brokerage giants entering the crypto market with cash deals would be "probably bigger than the US market". downward developments of Tether ". For those who missed the memo, the commentator is referring to rumors that the two identities mentioned above will soon offer direct cryptocurrency transactions to their millions of users. As Nathaniel Popper of the New York Times explains in Bloomberg, an informed source says that just after TD Ameritrade started testing digital assets, E * Trade is preparing to launch support for Bitcoin and Ethereum, but still waiting for a backup solution. third party.
Title Image provided by Dmitry Moraine via Unsplash
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